Seasonality forecasting – how to forecast seasonal items
In this eGuide we look at how to identify items with seasonal demand and discuss ways to improve the accuracy of seasonal demand forecasting.
We’ll help you understand and master simple inventory forecasting techniques, so you can consistently maintain the right levels of stock no matter the challenge.
Effective seasonal demand forecasting ensures you have the right products in stock to meet seasonal rises and falls in demand.
With accurate forecasts you can boost stock levels to take advantage of peak times of the year. But you can also prevent being left with excess stock at the end of a season.
Accurate seasonality forecasting is therefore critical to customer satisfaction and profitability.
Many businesses are still doing their seasonal forecasting in excel or using basic software functionality to support calculations. Both are sub-standard and can lead to regular stock-outs or a build-up of cash-absorbing inventory.
More and more are therefore turning to statistical demand forecasting tools, such as EazyStock.
EazyStock connects with your current stock system and uses advanced algorithms to bring speed and accuracy to demand forecasting.
Forecasts are based on a stock item’s demand type, it’s demand volatility, any seasonal variances and long term trends – for more accurate sales (or manufacturing) projections.
Forecasts are constantly reviewed and automatically updated. EazyStock then uses them to produce optimised reorder recommendations – speeding up purchasing tasks and reducing the risk of stock-outs.
Dealing with seasonality can be challenge – especially if you use excel spreadsheets. In this eGuide we’ll share with you seasonal forecasting best practice to help improve the accuracy of your forecasts.
We’ll also look at how forecasting software can consistently maintain the right levels of stock across your business.
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